China iron ore has worst week since May as demand stutters

China’s iron ore prices fell for a fourth day on Friday amid expectations that the oncoming winter season will see reduced demand for the steelmaking raw material and as Sino-U.S. trade tensions eased. The most-traded iron ore contract on the Dalian Commodity Exchange, for January delivery, tumbled as much as 4.8 percent to a three-week low of 501.50 yuan ($72.76) a tonne in its biggest intra-day dip since June 19. The contract closed down 3.5 percent at 508.50 yuan, notching a 4 percent loss for the week, its biggest weekly drop since the week ended May 25. When China imposed import tariffs on $60 billion worth of U.S. goods, including iron ore, in August, the contract spiked by around 5 percent, even though U.S. ore accounts for relatively little of China’s imports. The presidents of the United States and China both expressed optimism over resolving […]